Initiative Q Won’t Solve Bitcoin’s (BTC) Problem!

Bitcoin and other major digital “currencies” begin on the supply side of the market. And they have big promise: to make market transactions fast, efficient, inexpensive, and free from the control of central bankers and big banks. But they have a big problem, too: how to gain broad acceptance by a critical mass of users.

Thus far, none of the major digital currencies have solved this problem. They haven’t gained acceptance beyond the “technology enthusiasts,” a small group in the “Rogers Curve” — a model marketers use to explain how new products reach the masses.

Initiative Q claims to have a solution to this problem, by beginning with the demand side of the market. It is attempting to create a critical mass of users first, and then come up with the digital currency to serve it.

Simply put, there’s no digital currency to speak of, a “new” Bitcoin that will solve the problems of the “old” Bitcoin.

“Initiative Q is not the new Bitcoin,” says Shidan Gouran, President and CEO of Global Blockchain. “Initiative Q is actually highly questionable in its very concept, because it seems as if it was purposely meant to be mysterious. “

Why compare it with Bitcoin? Apparently, for the buzz such comparison is expected to generate in the cryptocurrency community.

“I would compare it as a “new bitcoin” in the sense of creating wide scale awareness and potential adoption, but it will function very differently in reality, “ says Jeff Ramson, Founder & CEO PCG Advisory Group. “Initiative Q is growing based on a brilliant social marketing scheme. They are growing the network rapidly, and I can see this as a self-fulfilling prophecy of a new payment system as they will have an enormous number of global users.”

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

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Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…